(Bloomberg) Petco Health and Wellness Co. jumped as much as 73% in the animal supply chain store’s return to the market after raising $864 million in an…
Petco IPO raises US$864M as retailer returns to market
Michael Hytha, Bloomberg News VIDEO SIGN OUT
The owner of the animal supply chainstore Petco raised US$864 million in an initial public offering, returning the retailer to the public market 15 years after it was taken private.
The company, which is changing its name to Petco Health and Wellness Co. in conjunction with the listing, sold 48 million shares for US$18 each, according to data compiled by Bloomberg. The private equity-backed company had marketed the shares for US$14 to US$17.
After the IPO, Petco will continue to be controlled by its current owners, which include CVC Capital Partners and Canada Pension Plan Investment Board. They acquired Petco for US$4.6 billion from TPG and Leonard Green in 2016, a decade after those two firms took Petco private.
San Diego-based Petco has returned to public ownership. The pet supplier, now listed on the NASDAQ under the symbol "WOOF," sold 48 million shares and is expected to pocket around $816.5 million from its initial public offering.
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